Olsen Palmer is pleased to announce that on May 1, 2019, First Madison Bank & Trust (“First Madison”) was acquired by United Community Banks, Inc. (“United”, NASDAQ: UCBI) in an all-cash transaction valued at approximately $52 million, equivalent to 1.94x First Madison’s normalized tangible common equity (“TCE”) based on a normalized TCE ratio of 9.0%.

Olsen Palmer LLC served as exclusive financial advisor and issued a Fairness Opinion to First Madison Bank & Trust.

Olsen Palmer is ranked as a Top 5 bank M&A advisor across the entire U.S. according to SNL Financial/S&P Global, based on the number of whole-bank M&A transactions advised upon in 2019 year-to-date.

If you would like additional information or have any questions on M&A, valuation, or strategic options please feel free to contact me at 202-627-2043 or colsen@olsenpalmer.com.

Olsen Palmer is pleased to announce that McLaughlin Holding Company (“McLaughlin”), holding company for SENB Bank (“SENB Bank”), has acquired Gateway Banc Corp., parent company of Gateway Community Bank (collectively, “Gateway”). Under the merger, McLaughlin has acquired 100% of the outstanding stock of Gateway in an all-cash transaction.

The combined company has approximately $313.7 million in total assets and 7 branches spanning through Northwest Illinois and Southern Wisconsin. With the merger, SENB Bank will enter the greater Rockford, Illinois area, the third largest city in the state, and Beloit, Wisconsin, part of the second largest Metropolitan Statistical Area in in Wisconsin.

Olsen Palmer is pleased to announce that Camp Grove Bancorp, Inc., parent company of Camp Grove State Bank, has signed a definitive agreement to be acquired by an affiliate of Katz Capital in an all-cash transaction.

Olsen Palmer is now the #3 ranked bank M&A advisor in the entire U.S. according to S&P Global, based on the number of whole-bank transactions advised upon in 2019 year-to-date.

With the transaction, which is set to close in the second half of 2019, Katz Capital will bring a new community bank to Florida and will expand the services of its wholly-owned entities into greater Illinois.

If you would like any additional information or have any questions – on M&A, valuation, or strategic options – please feel free to contact me at 202-627-2043 or colsen@olsenpalmer.com.

Olsen Palmer is pleased to announce that First McHenry Corporation, parent company of First National Bank of McHenry, has been acquired by Blackhawk Bancorp, Inc. (OTCQX: BHWB), parent company of Blackhawk Bank, in an all-cash transaction valued at $23.0 million.

Olsen Palmer LLC served as exclusive financial advisor to First McHenry Corporation and is now ranked as one of the top 5 bank M&A advisors in the U.S. according to S&P Global, based on the number of whole-bank M&A transactions advised upon in 2019 year-to-date.

Olsen Palmer is pleased to announce that First Madison Bank & Trust (“First Madison”) has agreed to be acquired by United Community Banks, Inc. (“United”, NASDAQ: UCBI) in an all-cash transaction valued at approximately $52 million. The merger will expand United’s presence into a fast-growing market area and is a natural geographic extension of its existing footprint.

Olsen Palmer LLC served as exclusive financial advisor and issued a Fairness Opinion to First Madison Bank & Trust.

The aggregate merger consideration of approximately $52 million is equivalent to 1.94x First Madison’s normalized tangible common equity (“TCE”) based on a normalized TCE ratio of 9.0%. The transaction is expected to be approximately 2% dilutive to United’s tangible book value per share, including one-time transaction costs, and slightly accretive to United’s fully diluted earnings per share for its partial year contribution in 2019, excluding one-time transaction costs, and $.05 per share accretive in 2020.

Upon consummation of the transaction, First Madison will merge into United Community Bank and operate under its brand.

Closing, which is subject to customary conditions including receipt of required regulatory approvals and the approval of First Madison’s shareholders, is expected to occur in the second quarter of 2019.